Good morning. Elizabeth Cooney here, about to relinquish the guest-host chair when Ed Silverman wraps up his tour of JPM in San Francisco. Lots of news there, lots of news everywhere. Here we go:
Verily, one of the most-talked-about debutants at this year’s J.P. Morgan ball, stumbled into apparent tension in its partnership with Dexcom (DXCM), STAT scoops. San Diego-based Dexcom launched in 2015 with the goal of creating a low-cost, disposable continuous glucose monitor for people with type 2 diabetes, the most common form of the disease that is tied to obesity and low activity levels. Verily, the Alphabet (GOOG) life sciences spinout, has embarked on a partnership with the diabetes device company to make a first-of-its-kind glucose monitor. But Verily CEO Andy Conrad said and showed more in a standing-room-only presentation than Dexcom CEO Kevin Sayer would have liked.
U.K. drug maker GlaxoSmithKline (GSK) hasn’t made plans to pursue an initial public offering of the consumer-health company it set up with Pfizer (PFE) last year, a top executive said, distancing himself from remarks made by Pfizer’s chief executive a day earlier, Bloomberg updates us. Pfizer’s CEO Albert Bourla said he expected Glaxo to pursue an IPO in three to four years. “Actually, we haven’t decided anything,” David Redfern, Glaxo’s chief strategy officer, said in an interview at the meeting. “Whether it’s an IPO or just a straight spin, all options are on the table. We’ve literally had no discussion” with Pfizer on that topic.